Changes to the National Fuel Tax Credit Rate have come into effect, with new rates imposed from July 1 to August 4, 2024.

Companies or owner-drivers will receive less money on fuel rebates over the 35-day period, with both liquid and blended fuels falling from 20.8 cents per litre to 19.1 cents per litre when used in heavy vehicles.

For those who use B100 for business uses outside of heavy vehicle fuelling on public roads, the rebate has increased from 13.2 cents per litre to 14.9 cents per litre.

Fuel tax rebates may be available to any business that uses fuel in its operations.

However, fuel used in light vehicles driven on public roads, in aviation equipment, and in heavy vehicles that do not meet emission standards is not eligible for the FTC rebates.

The rebate cannot be claimed for fuel that has previously been claimed or is used for private purposes, and you need to use the rate that applies on the date you acquired the fuel.

Fuel tax credits are indexed twice a year, in February and August.

Fuel tax credit rates change for liquid fuels used in a heavy vehicle for travelling on a public road due to changes in the road user charge, which is currently increasing by six per cent each year (from 28.8 cents per litre in 2023–24, to 30.5 cents per litre in 2024–25, to 32.4 cents per litre in 2025–26).

You can find out more about fuel tax credit rates here and use the fuel tax credit calculator to work out the fuel tax credit amount to report on your business activity statement.

Extracted in full from:  https://bigrigs.com.au/2024/07/02/changes-to-fuel-tax-credit-rates-come-into-effect/

SHARE THIS ARTICLE: